Income Tax Laws

Quick Legal Advice

7604047601

Vidhikarya has a vast network of Lawyers in Ghaziabad. Connecting with Lawyers through Vidhikarya is fast and cost effective. Let us know your requirement and we will get back with the best solution for your legal need.

Income Tax refers to the tax collected by the central Government for each financial year on the total taxable income of an assesse earned during the previous year. As per Section 2(7) of the Act,

Assesse refers to-

Person liable to pay any tax or any other sum of money

Every person in respect of whom any proceeding under this act has been taken for the assessment of (1) his income or (2) the loss sustained by him or (3) the amount of refund due to him

Every person in respect of whom any proceeding has been taken under this act for the assessment of (1) the income of any other person in respect of which he is assessable or (2) the loss sustained by such other person or (3) the refund due to such other person

A person who is deemed to be an assesse under any provision of this Act.

A person who is deemed to be an assesse in default under any provisions of this act.

What are Income Tax Laws?

The Income Tax Act 1961 is the law in force in India. The framework of income tax is dependent on two primary things, the determination of the residential statue, and the calculation of the total income which would be inclusive of salary, income from capital gain, income from other sources, etc.

The prescribed method of assessing tax in India is the Slab system. The understanding of the term ‘income’ as per Section 2(24) is exhaustive not inclusive. Hence an illegal income, casual incomes, gifts (subject to certain conditions), etc. are taxable. Casual income refers to the kind of income which lacks the element of foreseeability, it’s an income that is not a portion of the regular income, for example, winning from horse races.

Necessity to pay Income Tax

For our country to move forward and allowing the Government of India to take initiatives for welfare of the countrymen. The Roads, Health Schemes and all other welfare schemes are taken up from the taxpayer’s support. Which benefits all.

Penalty for not paying Income Tax

Unpaid taxes are subject to their own charges. Even if a customer files his / her returns or extension by the 15th of April but fail to pay the money they owe in the same month, a non-payment penalty equal to 0.5% of the due tax will be levied. Similar to a non-filing penalty, a non-payment penalty is also calculated for each month, or parts of the month in which your tax bill remains unpaid. Again, like the non-filing penalty, this penalty can accrue until it hits 25% of the customer’s unpaid tax bill.

Request a Callback for Legal Help

In case you want us to call you back to understand your legal problem then please submit your details with a brief description of the legal issue that you have. We will call you back.

Successful

Your Request has been successfully taken. We will contact you soon. Thank you !

Name must be provided !

Email must be provided !

Invalid Phone Number !

Category is required !

Service is required !

Details must be provided !

Keep this field blank

Want a Quick Legal Advice From Expert Lawyer

•

Call us at this number for Legal Help at an affordable price

7604047601

Legal Advice Anytime Anywhere

The most trusted and relied upon partner for hiring lawyers for any kind of legal services.

Dynamic Computronics Private Limited (DCPL) has engaged Vidhikarya for a variety of legal services since last year. We have developed a close working relationship and they understand our needs and wor...
more

Subhasis Das

Bhubaneshwar, Orissa

It was a pleasure working with you on my last few legal needs. It is an welcome change for India towards quick, hassle-free and cost effective solution for our legal needs digitally.

Sagar Neel Choudhury

Texas, USA

I wanted to rent out my apartment in Kolkata and had to get the Rental Agreement done. The challenge was being based out of the country I did not have a trusted partner who could get the job done.Whil...
more

Amit Kumar Singh

Country Representative, Agribusiness Systems International, India

We have been taking legal services from Vidhikarya and we are glad to share that their quality of services is commendable. They maintain a high level of professionalism and have been a great support s...
more

Amresh

Singapore

Property related transaction in India can be quite tedious, time consuming and complex.I was pretty apprehensive about my purchases as being an NRI It was not possible for me to do the duediligence m...
more

Sabitri Ghosh

Nimta Kolkata

I am very satisfied with the service provided by your Lawyer.The way they handled my Motor Accident Claim Case which had been pending for 11 years at Barasat District Court,which has been completed wi...
more

Sateesh Kumar

Nagaland

I thought no one can support me but then I thought let me discuss my case with Vidhikarya.I discussed my case they supported me and they given one hope for my loss money recovery purpose.Lawyer discus...
more

Amal Krishna Sircar

Vadodara,Gujarat

Vidhikarya provided me legal services. I found them very knowledgeable, responsive with good communication skills, keeps commitment, very prompt and organized, and reasonably charged.I would highly r...
more

Himanshu Algotar

Mumbai, Maharastra

The advice from lawyer I got was very helpful.He had complete knowledge on subject matter I hadrequested, I didn’t end up paying high fees on my legal matter. The Lawyer gave me clear course of action...
more